Singapore’s OCBC investing US$192 million in Hong Kong, Macau to support business growth, CEO Helen Wong says

Singapore’s OCBC investing US$192 million in Hong Kong, Macau to support business growth, CEO Helen Wong says

The lender even has 11 trees and 450 people in Macau, where it had total assets of August$ 32 billion as of finish- 2023. In the Greater Bay Area, the borrower has headquarters in Guangzhou, Foshan, Zhuhai and Shenzhen.

Wong argued that Hong Kong, Macau, and the Chinese mainland are significant development areas for OCBC. When the bank bought Wing Hang Bank ten years ago, they accounted for 6 % of the bank’s profit before taxes last year, compared to 6 %. The group reported profit before tax of S$ 8.4 billion ( US$ 6.23 billion ) last year.

According to Wong, China is still one of the fastest-growing main areas for OCBC, citing its 5.3 % gross domestic product growth in the first quarter.

Wang Ke, mind of Greater China and CEO of OCBC Hong Kong, stated at the same presentation that OCBC has invested in enhancing its deal finance skills in recent years to support the growth in Hong Kong, island China, and Macau.

Over the next three years, OCBC will employ 300 fresh employees in China to expand its technology capabilities, he said, in order to offer more online services to both commercial and personal clients.

Green fund, which offers green finance to both small and large companies, is another growth trend the bank is working on.

Wang claimed that OCBC has secured alternative loans for many of the country’s largest wind power producer and a major importer of Hong Kong logistics.

This content was first published on&nbsp, SCMP.